Foreign Institutional Investors (FIIs) exhibited a Bearish Stance in the Bank Nifty Index Futures market by Shorting 23048 contracts with a total value of 1787 crores. This activity led to a decrease of 6924 contracts in the Net Open Interest.
Moon-Mars conjunction played its impact with huge volatlity with 500 points drop coming in bank nifty within 15 mins,Price continue to trade between 2 gann angles as shown in below chart, and price is also forming Inside Bar Pattern, and tommrow we have Monthly expiry of bank nifty and also monthly close of bank nifty, Its been 8 days price is closing below 20 DMA AND every rise is getting sold into suggesting weakness in bank nifty.
SUN Trine North Node Aspect tommrow as North Node aka Rahu is involved so another voaltile move will be seen.
Bank Nifty continues to trade within the upper and lower bounds of the Gann angle, as shown in the chart below. The price has yet to break above the 52,340 high of the Saturn-Jupiter aspect or below the 51,546 low of the Jupiter-Saturn aspect. A break on either side can lead to a move of 666-729 points.
Patience is a crucial skill for traders, and waiting for the right trade setup is essential. Today, being the first day of the month, the market open will be an important level to watch to capture the trend for the day. The price will also react to the dovish Fed commentary from last night. Additionally, the recent 32k tax demand on Infosys might lead to a fall in IT stocks and a rise in bank stocks.
Bank Nifty Trade Plan for Positional Trade ,Bulls will get active above 51561 for a move towards 51785/52010 . Bears will get active below 51336 for a move towards 51112/50887.
Traders may watch out for potential intraday reversals at 09:58,11:28,02:14,02:58 How to Find and Trade Intraday Reversal Times
Bank Nifty Aug Futures Open Interest Volume stood at 24.1 lakh, with addition of 4.8 lakh contracts. Additionally, the increase in Cost of Carry implies that there was a addition of SHORT positions today.
Bank Nifty Advance Decline Ratio at 03:09 and Bank Nifty Rollover Cost is @51740 closed above it.
Bank Nifty Gann Monthly Trade level :52351 closed below it.
Bank Nifty closed below 20 SMA @52119 Trend is Sell on Rise
Traders who follow the musical octave trading path may find valuable insights in predicting Bank Nifty’s movements. According to this path, Bank Nifty may follow a path of 50271-51724-53263. This means that traders can take a position and potentially ride the move as Bank Nifty moves through these levels. Of course, it’s important to keep in mind that trading is inherently risky and market movements can be unpredictable.
According to the Bank Nifty options chain, the call side has the highest open interest (OI) at the 51700 strike, followed by the 52000 strike. On the put side, the 51000 strike has the highest OI, followed by the 50500 strike.This indicates that market participants anticipate Bank Nifty to stay within the 50500-51700 range.
The Bank Nifty options chain shows that the maximum pain point is at 51500 and the put-call ratio (PCR) is at 0.98 . Typically, when the PCR open interest ranges between 0.90 and 1.05, the market tends to remain range-bound. PCR is on extreme end suggesting we can see sharp reversal .
Your losing trades do not diminish you as a person. You are not your losing trades. You are also not your winning trades either. They are simply by-products of the business that you’re in.
For Positional Traders, The Bank Nifty Futures’ Trend Change Level is At 51744 . Going Long Or Short Above Or Below This Level Can Help Them Stay On The Same Side As Institutions, With A Higher Risk-reward Ratio. Intraday Traders Can Keep An Eye On 51744, Which Acts As An Intraday Trend Change Level.
BANK Nifty Intraday Trading Levels
Buy Above 51610 Tgt 51729, 51864 and 52000 ( BANK Nifty Spot Levels)
Sell Below 51500 Tgt 51385, 51200 and 51050 (BANK Nifty Spot Levels)
Wishing you good health and trading success as always.As always, prioritize your health and trade with caution.
As always, it’s essential to closely monitor market movements and make informed decisions based on a well-thought-out trading plan and risk management strategy. Market conditions can change rapidly, and it’s crucial to be adaptable and cautious in your approach.